NGX Group Profit Jumps 83% to N20.58bn in 9M 2026 as Transaction Fees Double
NGX Group profit before tax rose 83.29% to N20.58bn in the nine months to September 2026, driven by transaction fees that more than doubled to N20.68bn.
NGX Group profit rose 83.29% year on year to N20.58 billion before tax in the nine months to 30 September 2026, according to the company's unaudited results reported by Nairametrics. A year earlier the figure was N11.23 billion. The owner of the Nigerian Exchange is now one of the clearest winners of the equity rally it hosts.
Profit after tax climbed 86.44% to N14.69 billion, from N7.88 billion. Income tax expense rose 75.88% to N5.90 billion.
Why NGX Group profit rose so fast
The short answer is trading. Transaction fees, which the exchange earns every time shares change hands, rose 112.39% to N20.68 billion from N9.74 billion. They now make up 75.87% of revenue, compared with 64.23% a year ago.
Total revenue grew 79.79% to N27.26 billion, from N15.16 billion. Total income, which adds other income lines, rose 64.78% to N29.57 billion.
Other fee lines also grew, though from a smaller base:
- Listing fees rose 24.44% to N3.73 billion, from N3.00 billion.
- Other fees reached N662.94 million, from N194.79 million.
- Rental income rose to N116.30 million, from N90.48 million.
- Other operating income rose to N912.06 million, from N641.86 million.
The weaker lines
Not every business line grew. Market data income fell 6.74% to N1.55 billion, from N1.66 billion. Technology income slipped to N452.65 million, from N478.86 million. Treasury investment income dipped 3.40% to N2.07 billion. Other income fell 16.95% to N2.31 billion.
Net foreign exchange losses widened sharply to N603.30 million, from N29.53 million a year earlier. That came in a period when the naira has been under pressure; Market Pulse Africa reported last week that the naira fell to N1,365 per dollar in its sharpest daily drop in 18 months.
The weaker lines matter because they are the parts of the business that do not depend on how busy the market is. Transaction fees rise and fall with trading volumes. Data and technology revenue is the steadier income an exchange group usually wants to build. For now, it is shrinking while the cyclical line booms.
Costs rose, but slower than revenue
Operating expenses increased 56.80% to N14.71 billion, from N9.38 billion. Because revenue grew faster, operating profit rose 73.53% to N14.87 billion, from N8.57 billion. The group reported no finance costs in the period, against N708.85 million a year earlier.
Associates added N5.72 billion
NGX Group's share of profit from equity-accounted investees rose 69.55% to N5.72 billion. Almost all of it came from its 43.52% stake in Central Securities Clearing System (CSCS), which contributed N5.71 billion, up from N3.95 billion. CSCS also earns more when trading is heavy, so this line rides the same wave as transaction fees.
NG Clearing, in which the group holds 27.7%, swung to a small profit of N4.29 million from a N573.60 million loss.
Balance sheet
Total assets rose 11.35% to N79.11 billion at 30 September, from N71.05 billion at the end of December 2025. Investment securities grew 28.38% to N35.70 billion, and investment in associates stood at N34.26 billion. Together those two lines make up 88.42% of total assets.
Cash and cash equivalents fell 36.77% to N1.61 billion, from N2.55 billion. Total equity rose 10.62% to N61.07 billion, and retained earnings reached N54.65 billion.
What the share price says
Investors have priced in much of this. NGX Group shares closed at N152.50 on 23 October 2026, according to Nairametrics, up from N70.00 at the start of the year. That is a gain of N82.50 per share, or about 117.86% year to date.
The results also come in a busy month for the exchange. The Dangote refinery IPO, which NGX said could multiply the number of active Nigerian investors, has kept retail interest high, and First HoldCo and Dangote Cement both hit the 10% daily limit last week.
What to watch
Three questions will decide whether the profit run holds into 2027:
- Trading volumes. With three quarters of revenue tied to transaction fees, a slower market would hit earnings quickly.
- Recurring income. Market data and technology income need to grow again if the group wants earnings that do not swing with sentiment.
- Currency. The jump in FX losses shows the naira's moves now reach the exchange's own accounts.
The figures are unaudited nine-month results. Full-year numbers will show whether the fourth quarter keeps the pace. This article is for information and is not investment advice.
